Companhia Siderúrgica Nacional (SID)
NYSE:SID
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Companhia Siderúrgica Nacional
(NYSE:SID)
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Rating:41Neutral
Price Target:
$1.00
▼(-46.52% Downside)
Action:Reiterated
Date:05/17/26
The score is primarily held down by weak financial performance: ongoing net losses, high leverage, and a deterioration to negative operating/free cash flow. Technicals add additional pressure with the stock trading below key moving averages and slightly negative MACD, while valuation support is limited because the negative P/E is not informative and no dividend yield is available.
Positive Factors
Vertical integration (Mining & Logistics)
Owning mining and logistics creates enduring cost and supply advantages: it reduces internal feedstock costs, diversifies revenue away from cyclical steel, and provides predictable throughput income. This vertical footprint supports margins and cushions commodity swings over months.
Negative Factors
Elevated and rising leverage
A multi-year jump in leverage materially weakens financial flexibility and magnifies sensitivity to interest rates and commodity cycles. High net debt relative to eroded equity heightens refinancing and solvency risk, constraining investment and increasing required cash generation to repair the balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration (Mining & Logistics)
Owning mining and logistics creates enduring cost and supply advantages: it reduces internal feedstock costs, diversifies revenue away from cyclical steel, and provides predictable throughput income. This vertical footprint supports margins and cushions commodity swings over months.
Read all positive factors
Companhia Siderúrgica Nacional (SID) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.60B
Dividend YieldN/A
Average Volume (3M)2.24M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth2.16%
EPS Growth20.46%
CountryUS
Employees24,924
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)-1.51
Shares Outstanding1,326,094,000
10 Day Avg. Volume3,148,662
30 Day Avg. Volume2,236,455
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.90
Price to Sales (P/S)0.26
P/FCF Ratio-1.72
Enterprise Value/Market Cap29.19
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit3.85
Enterprise Value/Ebitda6.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.01
Revenue Forecast (FY)$8.83B
Companhia Siderúrgica Nacional Business Overview & Revenue Model
Company Description
Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil and Latin America. It operates in five segments: Steel, Mining, Logistics, Energy, and Cement. The company offers flat steel products, such as high, medium, low carb...
How the Company Makes Money
CSN generates revenue primarily by selling (1) steel products, (2) iron ore, and (3) cement, supported by (4) logistics and other ancillary activities.
1) Steel (manufacturing and sales): A core source of revenue comes from producing steel and se...
Companhia Siderúrgica Nacional Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
CSN's earnings call highlighted significant operational achievements across its mining, cement, and logistics segments, contributing to a strong quarter despite some challenges in cash flow and the steel market. The company's strategic focus on operational efficiency and financial discipline has led to record-breaking performance and a reduction in leverage. However, challenges such as high financial expenses and competition in the steel market remain areas of concern.Positive Updates
Record-Breaking Operational Performance
CSN achieved historical operational records with a 26% growth in EBITDA to BRL 3.3 billion and a margin of 27%, marking a quarter-on-quarter growth of 330 basis points.
Negative Updates
Negative Cash Flow
The adjusted cash flow was negative at BRL 815 million in Q3 2025, although it was an improvement from the previous quarter's negative BRL 1.4 billion.
Read all updates
Q3-2025 Updates
Positive
Negative
Record-Breaking Operational Performance
CSN achieved historical operational records with a 26% growth in EBITDA to BRL 3.3 billion and a margin of 27%, marking a quarter-on-quarter growth of 330 basis points.
Read all positive updates
Company Guidance
In the third quarter of 2025, CSN reported significant financial and operational achievements. The company saw a 26% year-over-year increase in EBITDA, reaching BRL 3.3 billion, with an EBITDA margin of 27%, up 330 basis points from the previous quarter. CSN's leverage ratio decreased to 3.1x, a reduction from 3.5x at the end of the previous year, demonstrating robust financial discipline. In mining, CSN achieved a record shipment of over 12 million tons, resulting in a 57% EBITDA growth to BRL 1.9 billion and a gross margin of 44%. The steel segment experienced the lowest production costs in four years, and the cement segment witnessed a historic sales volume of over 3.6 million tons, reflecting a 29% EBITDA margin. Additionally, the logistics segment reported record EBITDA of BRL 550 million with a margin exceeding 35%, and the energy segment generated BRL 54 million in EBITDA at a 35% margin. These outcomes underscore CSN's operational excellence, cost optimization, and strategic market adaptability across its diverse business operations.Companhia Siderúrgica Nacional Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
24
Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.47B | 43.92B | 43.69B | 45.44B | 44.36B | 47.91B |
| Gross Profit | 12.14B | 11.87B | 11.70B | 11.30B | 13.31B | 22.07B |
| EBITDA | 7.32B | 8.73B | 6.85B | 8.58B | 10.07B | 23.08B |
| Net Income | -2.00B | -1.96B | -2.59B | -318.21M | 1.55B | 12.26B |
Balance Sheet | ||||||
| Total Assets | 97.91B | 100.52B | 103.91B | 91.53B | 85.35B | 79.38B |
| Cash, Cash Equivalents and Short-Term Investments | 13.28B | 15.06B | 24.22B | 17.59B | 13.46B | 19.30B |
| Total Debt | 50.86B | 53.99B | 57.10B | 45.26B | 41.55B | 32.57B |
| Total Liabilities | 82.21B | 84.80B | 88.45B | 71.84B | 63.54B | 56.00B |
| Stockholders Equity | 12.69B | 12.87B | 12.27B | 17.50B | 19.49B | 20.31B |
Cash Flow | ||||||
| Free Cash Flow | -6.52B | -6.77B | 3.16B | 2.88B | -3.33B | 11.93B |
| Operating Cash Flow | -593.35M | -954.06M | 8.65B | 7.29B | 2.04B | 14.79B |
| Investing Cash Flow | -5.59B | -6.00B | -1.12B | -4.59B | -11.45B | 447.93M |
| Financing Cash Flow | -815.45M | -1.74B | -103.83M | 1.32B | 4.75B | -8.53B |
Companhia Siderúrgica Nacional Technical Analysis
Negative
1.87
Price Trends
1.28
Negative
1.52
Negative
1.53
Negative
Market Momentum
-0.02
Positive
45.34
Neutral
13.85
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SID, the sentiment is Negative. The current price of 1.87 is above the 20-day moving average (MA) of 1.30, above the 50-day MA of 1.28, and above the 200-day MA of 1.53, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 45.34 is Neutral, neither overbought nor oversold. The STOCH value of 13.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SID.
Companhia Siderúrgica Nacional Risk Analysis
Companhia Siderúrgica Nacional disclosed 41 risk factors in its most recent earnings report. Companhia Siderúrgica Nacional reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Cement is a perishable product and failure to carefully store and distribute it may result in losses for our cement subsidiary and us. Q4, 2023
Companhia Siderúrgica Nacional Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $8.41B | 9.25 | 4.74% | 7.02% | -11.93% | ― | |
64 Neutral | $7.77B | 21.86 | 11.88% | 1.02% | 8.38% | 626.64% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $5.20B | 12.42 | 4.48% | ― | -5.87% | -81.34% | |
56 Neutral | $8.53B | 9.20 | 2.53% | 2.92% | 4.46% | -47.34% | |
48 Neutral | $6.08B | -5.03 | -20.91% | ― | 1.58% | 3.88% | |
41 Neutral | $1.60B | -3.52 | -12.83% | ― | 2.16% | 20.46% |
* Basic Materials Sector Average
SID
Companhia Siderúrgica Nacional
1.25
-0.36
-22.36%
CLF
Cleveland-Cliffs
10.34
3.34
47.71%
CMC
Commercial Metals Company
71.08
24.98
54.17%
GGB
Gerdau SA
4.69
2.04
77.11%
SIM
Grupo Simec SA De CV
30.00
1.74
6.16%
TX
Ternium SA
44.56
18.02
67.87%
Companhia Siderúrgica Nacional Corporate Events
CSN Posts Higher 1Q26 EBITDA on Cement and Logistics Despite Net Loss
May 14, 2026
On May 13, 2026, CSN reported its first-quarter 2026 results, showing net revenue of R$ 10.6 billion, down 7.0% from the previous quarter and 2.8% year over year, as heavy rainfall, a weaker steel product mix and exchange-rate moves weighed on min...
Companhia Siderúrgica Nacional Files 2025 Form 20-F With U.S. SEC
Apr 30, 2026
On April 30, 2026, Companhia Siderúrgica Nacional filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The filing provides updated audited financial information for...
Companhia Siderúrgica Nacional Files 2025 Year-End Balance Sheet on Form 6-K
Mar 27, 2026
Companhia Siderúrgica Nacional released its balance sheet for the year ended Dec. 31, 2025, detailing consolidated and parent-company assets, liabilities and shareholders’ equity in thousands of reais. The filing, submitted in March 202...
CSN Secures Up to US$1.4 Billion in New Syndicated Credit to Refinance Debt
Mar 23, 2026
On March 20, 2026, CSN and certain subsidiaries signed a binding commitment letter with a syndicate of global and Brazilian banks to arrange a new syndicated senior secured credit facility for CSN Inova Ventures worth US$1.2 billion, potentially r...
CSN Posts 2025 Revenue Growth on Mining and Logistics Despite Steel-Segment Headwinds
Mar 12, 2026
On March 11, 2026, CSN reported its fourth-quarter and full-year 2025 results, showing net revenue of R$ 11.4 billion in 4Q25, down 3.3% from the prior quarter and 5.2% year on year amid typical year-end seasonality and softer activity in steel an...
CSN Narrows 2026 Iron Ore Volume Outlook and Sets New Cash Cost Guidance
Mar 12, 2026
On March 11, 2026, CSN disclosed a material fact updating its operational projections for the 2026 mining business. The company adjusted its expected combined volume of iron ore production and third‑party purchases to a narrower range of 45....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.